Bengaluru-based digital lending startup ZestMoney has raised over ₹106 crores ($15 million) in a round led by Goldman Sachs, as reported by TechCrunch. Other existing investors that participated in the round include Naspers Fintech, Quona Capital, and Omidyar Network.
According to TechCrunch, the latest funding is a part of the extended Series B funding which has raised a total of $63 million so far. In April 2019, ZestMoney raised $20 million in its series B funding from Quona Capital, Omidyar Network, Ribbit Capital, Prosus & Naspers, Reinventure and Coinbase.
Freshly infused funds will be used to focus on product development, forging strategic partnerships, in order to scale the platform and gain more customers.
ZestMoney was founded by Ashish Anantharaman, along with Lizzie Chapman and Priya Sharma in 2015. It enables instant account opening and real-time credit approval to finance products from various e-commerce websites without the need for credit cards.
The digital lending startup has already partnered with over 3,000 merchants including Amazon, Flipkart and Paytm, to offer financing options to the customers. With an estimated 600 million creditworthy people in India, ZestMoney has gained over 6 million users.
India’s digital lending space is booming with startups looking to provide access to easy credit to the vast population of creditworthy people in the country. Other startups competing with ZestMoney in the domain include Cash Suvidha, LoanTap, EarlySalary, LendingKart, FlexiLoans, CapitalFloat, and Faircent, among many others.
Earlier this year, Cash Suvidha raised $2.3 million in debt funding.